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| NUMBER | TITLE |
| In This Updates: | |
FINANCE – BANKING |
| FINANCE – BANKING | |||
1 |
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| * Interest rate is expressed by % per year means 365 days | Page 2 | |
2 |
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| * Public salary, remuneration payment to chief controllers of 100% state owned companies | Page 2 | |
COMMERCE |
| COMMERCE | |||
3 | Circular No. 101/2017/TT-BTC dated October 04, 2017 of the Ministry of Finance guiding a number of articles of the Decree No. 06/2017/ND-CP on business of betting on horse racing, greyhound racing and international soccer |
| * Guiding regulations on business of betting | Page 2 | |
INDUSTRY |
| INDUSTRY | |||
4 | Decree No. 113/2017/ND-CP dated October 09, 2017 of the Government specifying and providing guidelines for implementation of a number articles of the Law on Chemicals |
| * Import of chemicals under 10 kg/shipment does not need declaration | Page 3 | |
JUSTICE |
| JUSTICE | |||
5 |
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| * Fines for ensure enforcement | Page 3 | |
SUMMARY:
Ü FINANCE - BANKING
| ||
This is the content prescribed at the Circular No. 14/2017/TT-NHNN of the State Bank of Vietnam dated September 29, 2017 on methods of calculating interest on depositing and credit extension transaction between credit institutions and customers. In particular, Interest rate is expressed by % per year (annual interest rate), a year means 365 days. The credit institution may negotiate with the client on the interest duration and the date of determination of the balance for the calculation of interest. As regards deposits and credit extensions on which the agreement is made in writing in the form of a specific agreement or a framework agreement.As regards deposits and credits which are received and granted under the model contracts and general terms and | conditions of deposit receipt and credit extension arrangements. Credit institutions shall clarify information on the model contracts or general terms and conditions under the law on deposits and credit extensions. In addition, the credit institution must publicly disclose information on the interest calculating method at the head office and post such information on its website (if any). The interests of deposits and credit extensions occurring from agreements between credit institutions and clients on calculating methods before January 01, 2018 shall be kept calculating as prescribed in signed agreements in accordance with the law at the time of signing. This Circular takes effect on January 01, 2018. | |
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This is the requirements of the Ministry of Finance prescribed at the Circular No. 97/2017/TT-BTC dated September 27, 2017, guiding use and management of salary, remuneration and bonus payment to chief controllers, controllers of single-member limited liability companies of which charter capital is wholly owned by the State as stipulated under the Decree No. 52/2016/ND-CP dated June 13, 2016 of the Government. Accordingly, the Circular requires to have publication on salary, remuneration and bonus payment of chief controllers and controllers on the Portal of the representative agency of the owner, Ministry of Finance and send to the Ministry of Labors, Invalids and Social Affairs for summarization. Annually in quarter I, single-member limited liability companies shall determine salary, remuneration and bonus fund to the chief controllers and controllers. No later than the 15 of each month, single-member limited liability companies shall transfer 80% of salary, remuneration amount as planned to salary, remuneration and bonus fund to chief controllers, controllers managed by representative agencies of the | owner, Ministry of Finance (for financial controllers working at the state economic corporations. If salary, remuneration and bonus fund is not approved by the representative agencies, the single – member limited liability company shall temporarily transfer 80% of salary, remuneration amount of the previous year. After being approved by the representative agencies, the single-member limited liability company shall back up to make sure that the advanced payment shall not exceed 80% of the salary, remuneration amount of the planning year. Before the twentieth of each month, representative agencies, the Ministry of Finance (for financial controllers at the state economic corporations) shall pay salary and remuneration amounts to chief controllers and controllers (80% of the amount of salary, remuneration according to the plan divided into 12 months) to the personal account of chief controllers and controllers. Bonus of chief controllers and controllers include annual bonus and bonus given at the end of year. This Circular takes effect on October 20, 2017 and replaces the Circular No. 221/2013/TT-BTC dated December 31, 2013. | |
Ü COMMERCE
| ||
This is the content of the Circular No. 101/2017/TT-BTC dated October 04, 2017 of the Ministry of Finance guiding a number of articles of the Decree No. 06/2017/ND-CP on business of betting on horse racing, greyhound racing and international soccer. Accordingly, payout is the amount of money paid by the betting enterprise to bet winners. The commission rate shall be decided by the betting enterprise and specified in the agent contract between the betting enterprise and the bet ticket agents; the betting enterprise only pays commissions to a bet ticket agent after the sales of bet tickets have been confirmed and the agent has fulfill all obligations specified in the agent contract; The betting enterprise shall withhold | personal income tax payable by employees of the bet ticket agent before paying commission. The fee for payout authorization shall be decided by the betting enterprise and shall not exceed 0.2% of the payout provided by the agent under authorization. This Circular request suspension of the race and request a competent authority to handle the cases such as the devices and cameras serving identification of the winning horse or dog are not adequate or reliable; the time or location of the race and betting are different from announced ones; cheating is suspected; the weather or surface of the race track is not appropriate for the race…. This Circular takes effect on December 01, 2017. | |
Ü INDUSTRY
| ||
In accordance with the Decree No. 113/2017/ND-CP specifying and providing guidelines for implementation of a number articles of the Law on Chemicals. The list of 1156 chemicals need to be declared prescribed at the Appendix No. 05 of the Decree. However, chemicals produced or imported for the purposes of national security and response to natural disasters and epidemics; chemicals that are precursor chemicals of narcotics, precursor chemicals of explosives, industrial explosives and chemicals on the chemical table licensed to produce or import; the amount of chemicals is under 10 kg/shipment. Exemption shall not apply to restricted industrial chemicals. Chemicals that are raw materials for medicine production issued with certificates of registration for sale of medicines in Vietnam, raw materials for the medicine production that are pharmaceutical substances for production under medicine registration applications which have been granted certificates of registration for sale of | medicines in Vietnam. Chemicals that are raw materials for pesticide production with certificates of pesticide registration in Vietnam. Also in accordance with this Decree, entities having chemical-related activities shall provide training courses in chemical safety or appoint the individuals herein to participate in training courses organized by chemical safety training centers every 2 years. Chemical safety training activities may be organized separately or in combination with other safety training activities regulated by law. Trained persons must be retrained in if there is a change in the categories of chemicals, technologies, facilities and production plans related to their working positions; if they change their working positions; they fail to meet the training requirements after taking the 2nd examination; 2 years after the previous training course. This Decree is issued on October 09, 2017; takes effect on November 25, 2017. | |
Ü JUSTICE
| ||
The Government has just issued the Decree No. 115/2017/ND-CP dated October 16, 2017 of the Government detailing orders, procedures, fines that corporate legal entities must pay to ensure enforcement; impoundment, refund, remittance to the state budget to ensure enforcement. In accordance with this Decree, rate of payment shall be decided by prosecution authorities in each specific case but it shall not be under 50% and not higher than the highest fine as stipulated under clauses applied to prosecute, investigate and trial for corporate entities. Rate of payment to ensure enforcement of compensation obligation, if clauses applied to prosecute, investigate and trial for corporate entities cover regulations on level of damages on assets, payment rate for compensation obligation shall | be decided by prosecution authorities in each specific case but it shall not be under 50% and shall not be higher than the maximum level of damage on assets as stipulated under that clause; if clauses applied to prosecute, investigate and trial for corporate entities are not covered on level of damages on assets, depending on each case, prosecution authorities might apply measures as stipulated to determine damage level to decide on specific amount of money that need to be paid by corporate entities. Payment level shall be decided on each case but it shall not higher than the actual level of damages that are determined. Payment can be done through bank transfer or in cash to the account of investigation authorities or prosecution authorities opened at the State Treasury. This Decree takes effect on January 01, 2018. | |
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